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Dan Primack

Last week there was an FTC filing that implied a pending transaction between Technology Crossover Ventures and DataDirect Networks, a Chatsworth, Calif.-based provider data storage solutions. These documents usually suggest that the transaction is virtually a done deal, with just a few I's to dot and T's to cross. But in might not be so this time. What follows is part of a statement by DataDirect CEO Alex Bouzari, in reply to my request for comment on the prospective TCV investment: In order to better serve our customers, DDN is evaluating several strategic initiatives, including potentially partnering with a financial institution. However, in light of the recent developments with 3Par, Dell and HP, we are carefully rethinking our options. Bouzari added that DataDirect is profitable, and is "on track" to exceed $200 million in annual revenue. Getting any statement from a "target" CEO is unusual, and this particular one goes out of its way to suggest that conditions have changed since DataDomain DataDirect first entered negotiations with TCV (which declined any comment). (Note: The previous sentence was corrected because the company was referred to by the wrong name. -Ed.)
For the past year, CalPERS has been dogged by scandals related to its private equity investments. And most of it has been deserved, as the pension giant allegedly became a revolving door for ex-staffers seeking to make millions off their past service. Unfortunately, there can be a downside to the exposition of public corruption: Well-intentioned journalists sometimes confuse the appearance of impropriety with actual impropriety. Such was the case last week, when the Los Angeles Times published a story about how “CalPERS investment staff receive luxury travel, gifts from financial firms.” At issue were between 10 and 12 private jet trips taken by Joncarlo Mark, a CalPERS senior investment officer for alternatives, prior to 2008. He also was accused of failing to disclose several gifts in excess of $50, including two meals, some candy and assorted tschotchkes.
Yesterday we reported that Golden Gate Capital co-founder Jesse Rogers had formed a new firm called Altamont Capital Partners. We've since learned that his partners are a pair of former principals with Golden Gate: Randall Eason and Keoni Schwartz. Each had been with the firm for at least six years.
Back in April, we broke news that Jesse Rogers was leaving Golden Gate Capital, the firm he co-founded in 2000. All indications were that it was a real retirement, with Rogers planning to spend his golden years kite-boarding or playing cribbage (I’m not certain how active a lifestyle he pursues). But it seems the retirement […]
Preisdent Obama still hasn't announced his pick to run the new consumer protection agency, but a group called The Main Street Brigade is supporting Elizabeth Warren. And it's just released a video that's too surreal not to share:
George Hornig is stepping down as co-COO of Credit Suisse Asset Management, which houses all of the firm's global alternative investment activities. The move was first announced to Credit Suisse AM staff earlier this afternoon via memo, and confirmed by a firm spokeswoman. No word yet on his future plans, which one insider suggested could include a continuation of existing charity work.
I understand why everyone hates Nazis. What I don't get is why some so easily equate other things they hate with Nazis. For example, I hate peanut butter. Pretty sure, however, that I've never suggested that those making Skippy are culinary stormtroopers. Today's hyperbloic example comes from Blackstone Group boss Steven Schwarzman, who is pissed off by the D.C. debate over private equity tax policy. According to Jonathan Alter, he said the following during a July meeting: “It’s a war,” Schwarzman said of the struggle with the administration over increasing taxes on private-equity firms. “It’s like when Hitler invaded Poland in 1939.” To state the obvious: No, it's nothing like when Hitler invaded Poland in 1939. I could go into all the reasons why it's different, but that would be like explaining why a birch tree is different than a water buffalo. Schwarzman is among those who believe that Obama loathes Blackstone and its Wall Street bretheren. He thinks there should be a former CEO atop Commerce, and that there has been no real effort to understand the capital markets.
This is simply inspired. And it will become a great archeological find when the Twitter movie is, indeed, produced in 2023:
Dan Akerson today agreed to become the new CEO of General Motors, where he presumably will oversee the company’s return to the public markets. He currently serves as a managing director and global head of buyouts for The Carlyle Group, which he joined in 2003 from Forstmann Little. A Carlyle spokesman tells me that firm […]
It's been nearly one year since the Institutional Limited Partners Association (ILPA) released a set of "best practices" for structuring private equity funds. This was hardly the first attempt to better align interests between GPs and LPs, but is the one that seems to have prompted the most discussion among market professionals. In preparation of the anniversary, market research firm Preqin decided to examine whether the principles are having a tangible effect on fund structure. The results were decidedly mixed. Preqin examined all funds of 2009 and 2010 vintage, including those in market and many that actually launched before the ILPA principles were released last September. Yes, that last part is a major methodological flaw -- particularly since its includes around three-quarters of the analyzed funds -- but the research still gives a good reflection of where things stand today.

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